The Australian stock market initially had a strong open due to energy shares (particularly BHP) leading the charge, on the back of the oil price nudging $50 USD overnight. However, within the first hour of trading, the local bourse plunged into the red, but is now in the green again back to where it started. It is now tracking just 0.1 per cent higher at noon.
The S&P/ASX 200 index is 6 points higher at 5,378. On the futures market the SPI is up 15 points.
Asciano Limited (ASX:AIO)
is currently the subject of a $9 billion takeover. However, the ACCC has delayed its decision on whether to allow this deal to go ahead. The ACCC will accept industry submissions before 10 June, and hopes to make a final decision by 21 July.
Shares in Asciano are trading 0.11% higher at $8.87.
PAYCE Consolidated Limited (ASX:PAY)
has completed the sale of its 50% interest in a Brisbane West End residential joint venture. The sale was made to PAYCE’s co-venturer, Sekisui House for $61 million.
Best and worst performers
The best performing sector is Energy, up 2.2% to 8,317 points. Shares in Worley Parsons have risen 9.2% per cent and are trading at $6.65. Shares Whitehaven Coal and Santos are also stronger.
The worst performing sector is Staples, losing 1.5 per cent to 8,520. Shares in Wesfarmers fell 2.4 per cent to $40.90. Shares in Asaleo Care and Blackmores were also down.
Gold and the dollar
Gold is trading at $US1,231 an ounce.
The Australian dollar is buying $US0.7184.